Savings Goal Calculator
Plan your path to purchase.
To afford your Goal in 12 months, you need to save:
$375
per month.
Turn Dreams into Reality
Whether you are dreaming of a new car, a dream vacation, a wedding, or a down payment on a house, a goal without a plan is just a wish. Our **Savings Goal Calculator** works backward from your target to tell you exactly what you need to do today to succeed. It removes the guesswork from financial planning.
How to Save Successfully
- Be Specific: Instead of "save money," say "save $5,000 for a trip to Italy."
- Set a Deadline: A timeline creates urgency. Without a date, it is easy to procrastinate.
- Automate It: Once this calculator tells you your monthly number (e.g., $375/month), set up an automatic transfer from your checking to your savings account on payday. You will not miss what you do not see.
Adjusting Your Expectations
If the monthly savings requirement calculated is too high for your current budget, you have two options: 1) Reduce the **Goal Amount** (buy a used car instead of new), or 2) Extend the **Timeline** (save for 18 months instead of 12). Play with the numbers in the tool until you find a monthly amount that feels challenging but achievable.
The Importance of an Emergency Fund
Before saving for luxury goals like vacations, financial experts recommend establishing an emergency fund. Use our *Emergency Fund Calculator* first if you do not have 3-6 months of expenses saved up. This ensures that an unexpected car repair does not derail your long-term savings plans.